Almost every entrepreneur I know started out as a Corporation of One, and many choose to remain that way for the life of their business.
Studies predict that increasingly more Australians are making the decision to take the plunge into small business ownership every year. These solopreneurs represent one of the fastest growing sectors of the Australian business market.
Typically, the people who decide to start their own business are transitioning away from working for a big company into being a corporation of one.
Ask most people why they started their own business and they’ll likely tell you it was so they could:
- Be their own boss,
- Manage their own time
- Enjoy a greater sense of freedom and control
- Earn more money
- Create a better life style.
Unfortunately for many the reality is quite different. Not only are they not enjoying a richer quality of life, more often they are working harder than they ever have and doing so for less reward than when they were employed.
Making the transition from employee to business owner can be a steep and difficult learning curve to manage.
When you are the chief cook and bottle washer, it is easy to get distracted by all the things that need to be done and ignore the activities that can have a real impact on your business and the level of profit you produce.
When you are the only person responsible for creating results in your business, it can be challenging to remain focused, motivated and effective.
Most people who choose self-employment do so because they feel they are already talented at their profession. What they quickly learn is you need to be more than talented to succeed in business.
Within the walls of a bigger organisation, it’s okay to simply focus on delivering a great service when that’s all you are responsible for doing.
But when you are a corporation of one, you need to develop other critical skills, namely your ability to market and sell what you do.
To build a successful business you need to take four critical steps.
- Make sure you surround yourself with good people. Isolation is a major problem for the self-employed. You need to align yourself with entrepreneurial thinkers, people who can help you leverage your expertise.
- Shift your focus away from being a doer and be prepared to outsource the smaller tasks to other people so you can maintain your focus on the areas that matter most.
- Actively become a better marketer of what you do. Study, read, attend seminars and immerse yourself in marketing. This one step can transform a struggling business into a thriving enterprise.
- Improve your sales skills. It’s vital that you not only learn how to attract people into your business, but that once they arrive, you can convert them into paying customers.
The key word is momentum.
Statistics tell us over 90% of businesses fail within 3 years.
The truth is few ever fail; most people simply burn out!
The reason they burn out is because they run out of energy.
Running your own enterprise takes a great deal of effort and if you are to remain energised, you must maintain positive momentum. To build unstoppable momentum in your Corporation of One, start by shifting your focus away from doing what you do and instead place your focus onto how you can better market what you do.